‘CEO’s sudden resignation has no impact on Paramount’

‘CEO’s sudden resignation has no impact on Paramount’
Business & Markets 2013
Written by Charlotte Chong at theedgemalaysia.com
Thursday, 18 April 2013 12:10


A + / A - / Reset
KUALA LUMPUR: The sudden resignation of former CEO Chan Say Yeong will have no impact on Paramount Corp Bhd’s operations, said executive deputy chairman Datuk Teo Chiang Quan.

Teo, who is also a major shareholder of Paramount, said after the company’s AGM yesterday that the property developer is as hungry as ever to push its businesses further. Teo will assume the role of CEO in the interim, until a new candidate is found.

The executive deputy chairman stressed that there was no conflict between the company’s management and Chan when he decided to resign. “It was a mutual agreement between Chan and the firm and we wish him all the best,” Teo said.

Chan, formerly with the CapitaLand group, joined Paramount as CEO last June. His resignation on Monday came as a surprise, as he had met the media just last month to talk about new plans for Paramount.

Paramount is currently looking for a suitable candidate to fill the position. According to Teo, the company will also conduct an assessment among its staff to look for a suitable candidate.

Meanwhile, Paramount is expecting a good response to its latest property launch, Utropolis at Glenmarie. “We are also endeavouring to get purchasers for a launch in Cyberjaya (Sejati Residences),” said Teo.

Outside the Klang Valley, the company is looking to develop land in Sungai Petani, Bukit Banyan in 2014, said Teo.

Paramount’s education segment, comprising private schools and tertiary education, is expanding.

A new campus for its KDU University College will be ready by 2015 in Glenmarie, Teo said, adding that the old campus in Petaling Jaya is already 30 years old.

“Paramount plans to set up four or five more private schools from its current three schools in Malaysia. New programmes will be introduced,” he said.

Moving forward, the company plans to buy more land particularly in Penang to add on to the firm’s 312ha of undeveloped tracts.

Under a long-term incentive plan (LTIP), Teo said Paramount aims to make its staff the “owners” of the company through rewarding them with shares of up 10% of the issued and paid-up share capital of the company.

“In that way, they can ride along with the company’s successes and they will look after the company’s affairs wholeheartedly,” said Teo.

At yesterday’s meeting, shareholders passed a resolution for the establishment of the LTIP for eligible employees and executive directors of the company and its subsidiaries.


This article first appeared in The Edge Financial Daily, on April 18, 2013.